Thai exports rose 21.6% in July 2026 while imports rose 36.7%, leaving a 3.61 billion USD trade deficit, the 10th straight monthly deficit. The Commerce Ministry says most imports are machinery parts and semi-finished inputs for export assembly, tied to the AI electronics cycle. For the first seven months, imports grew 37.8% against 18.2% for exports. The ministry expects exports to grow more than its earlier 8-11% forecast, with a revision due in October. Risks flagged: the Strait of Hormuz situation and the outcome of US import tariffs on Thailand. For an SME, expect continued strong demand in electronics supply chains, and keep an eye on the baht and input costs if imports keep outpacing exports.